On Monday, arabica coffee for September delivery fell 3% to close at $1.1165 a pound on ICE Futures U.S. in New York, the biggest drop for a most-active contract since Oct. 11. Earlier, the price touched $1.1155, the lowest since Jan. 20, 2016. The real dropped as much as 1% after tumbling 15% in the second quarter.

Coffee has slumped 19% since the end of 2016, while the real fell 17%.